IFRS 17 will fundamentally change the accounting requirements for insurers. These changes necessitate the use of new measurement models and accounting principles, which will enhance the comparability of financial statements.
This course is a continuation of the 'Insurance contract - IFRS 17' module on IFRS 17 concepts. It will provide in-depth materials around the practical implementation of IFRS 17 for typical insurance products: examples will be discussed and walked through in Excel., and the impacts on key reporting figures will be illustrated in a set of stress scenarios.
In order to complement your learning journey, please discover our Insurance curriculum.
Duration: 2h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this course, participants will be able to understand how to implement the key IFRS 17 concepts by creating cash flow models and illustrative accounts for insurance products, in particular:
- Mechanics of opening CSM calculation
- Patterns of components of revenue release (CSM, RA, BEL)
- Operating experience illustration - scenarios of experience deviating from assumptions with impacts on underwriting results
- Operating assumptions changes and its impacts on IFRS 17 figures
- VFA model vs GMM model for 'investment' like products - how to manage volatility
Content
- Understanding the measurement models
- Highlight on potential operational challenges
- Key financial effects to be aware of
- Practical illustration of IFRS 17 modelling and accounting
Target audience
- Actuaries
- Accountants
- Reporting teams who are looking for more in depth education around IFRS 17 implementation
Our lead experts
This training is coordinated by Pavel Kostyuchenko and will be supported by other experts of PwC Luxembourg daily involved in the implementation of the IFRS for insurers.
Pavel is an actuarial partner at PwC Luxembourg and has a wealth of experience in IFRS 17 implementation projects, including gap analysis, financial impact assessment, accounting advice, etc.
